The ETH prices break under the 50-day EMA struggle to sustain above $1600 as the selling pressure increases. So, will the Ether price retrace to $1400? Key Technical Points: The Ethereum market price dropped by 20% last week. The higher price rejections from the 50-day EMA tease a downtrend continuation. With a market cap of $195 billion, the intraday trading volume of Ethereum has decreased by 10% to reach $15.53 billion. Past Performance of ETH The Ethereum (ETH) price action shows an increase in selling pressure at the $2000 level and the 200-day EMA resulting in a bearish reversal. The falling prices break below the 50-day EMA and account for a 20% price drop. Moreover, the Ethereum market price tanks to the $1600 mark and faces rejection from the 50-day EMA, teasing a downtrend continuation. Source – Tradingview ETH Technical Analysis The ETH prices may shortly restart the bearish trend with a boom in trend momentum as a post-retest reversal rally. Moreover, the upcoming trend may test the bottom support at the $1361 mark resulting in a drop below the psychological mark of $1500. The RSI indicator displays a tremendous increase in selling pressure as the RSI slope falls into the nearly oversold zone. Moreover, the increased supply inflow results in a downtrend in the fast and slow lines with a rising trend in the negative histograms. Hence, the technical indicators project a potential downfall to the $1361. In a nutshell,...
